Traffic Facilities (UK) Limited Filleted accounts for Companies House (small and micro)

TRAFFIC FACILITIES (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05993215

Traffic Facilities (UK) Limited

Filleted Unaudited Financial Statements

31 December 2020

Traffic Facilities (UK) Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	6		41,557	10,112

Current assets

Debtors	7	115,231	163,336
Cash at bank and in hand		529,662	516,175
		---------	---------
		644,893	679,511

Creditors: amounts falling due within one year	8	70,577		89,769
		---------		---------
Net current assets			574,316	589,742
			---------	---------
Total assets less current liabilities			615,873	599,854

Provisions

Taxation including deferred tax	4,601	1,614
	---------	---------
Net assets	611,272	598,240
	---------	---------

Capital and reserves

Called up share capital	3	3
Profit and loss account	611,269	598,237
	---------	---------
Shareholders funds	611,272	598,240
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 June 2021 , and are signed on behalf of the board by:

P. Freeman
Director

Company registration number: 05993215

Traffic Facilities (UK) Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Kirton Close, Whitnash, Leamington Spa, Warwickshire, CV31 2RE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings	-	20% straight line
Motor vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2019: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2020 and 31 December 2020	3,500
	-------
Amortisation
At 1 January 2020 and 31 December 2020	3,500
	-------
Carrying amount
At 31 December 2020	–
	-------
At 31 December 2019	–
	-------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2020	28,045	22,894	50,939
Additions	2,003	42,200	44,203
Disposals	–	( 12,200)	( 12,200)
	--------	--------	--------
At 31 December 2020	30,048	52,894	82,942
	--------	--------	--------
Depreciation
At 1 January 2020	20,733	20,094	40,827
Charge for the year	3,438	7,456	10,894
Disposals	–	( 10,336)	( 10,336)
	--------	--------	--------
At 31 December 2020	24,171	17,214	41,385
	--------	--------	--------
Carrying amount
At 31 December 2020	5,877	35,680	41,557
	--------	--------	--------
At 31 December 2019	7,312	2,800	10,112
	--------	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	87,468	130,149
Other debtors	27,763	33,187
	---------	---------
	115,231	163,336
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	4,958	4,973
Corporation tax	10,274	25,123
Social security and other taxes	46,234	55,785
Other creditors	9,111	3,888
	--------	--------
	70,577	89,769
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
P. Freeman	( 288)	6,957	( 7,000)	( 331)
	----	-------	-------	----

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
P. Freeman	( 7,123)	6,835	–	( 288)
	-------	-------	----	----

10. Related party transactions

The company was under the control of P. Freeman throughout the year. P. Freeman is the sole director and he and his wife hold 2 ordinary shares out of 3 issued ordinary shares. During the year dividends totalling £ 29,000 (2019 - £20,000) were paid to the director and his wife.